Ali Group manufacturing company, AFE Group, reported a fairly steady financial year for the 12 months to 31 August 2019.
The firm, which owns the Williams Refrigeration, Falcon Foodservice Equipment, Mono Equipment, Serviceline and Millers Vanguard brands, has posted its latest annual report on Companies House.
This shows that revenue remained solid, at £120.2m, less than 1% drop from the previous 12 months’ £121.2m turnover.
Operating profit increased slightly to £12.6m, 1% up on the 2017-2018 financial year’s £12.4m.
AFE’s CEO Tim Smith analysed: “Generally slower market conditions with lower spending by restaurant and supermarket chains has created continuing headwinds to organic turnover growth, whilst the UK economic landscape remains subdued with the uncertainties from Brexit continuing to curb business investment.
“The decline in revenue is primarily attributed to reduced capital equipment spend seen from our UK chain client base. The mixed UK economic outlook sees continuing uncertainties in consumer confidence and spend, that give rise to increased challenges, and a cautionary market outlook to elements of the UK retail and casual dining markets.”
Looking ahead, he detailed: “With the advent of the coronavirus pandemic we face unprecedented market conditions. We have deployed various cost control, cash flow and operational efficiency initiatives to support our future performance and competitiveness.
“We have committed substantial resources and capital investment to seize market opportunities and improve our operational performance as well as enhancing our competitiveness. We continue to develop new products that meet the changing culinary, operational and regulatory needs of our customers. We have also invested heavily to modernise our IT infrastructure.”